Current Affairs for IAS Exams - 25 October 2014

:: National ::

MEA to oversee foreign infrastructure investments in States

Aiming to streamline foreign infrastructure investment, the government has announced a new division in the Ministry of External Affairs (MEA), appointing a joint secretary for “Centre-State” relations.
Confirming the development, MEA spokesperson Syed Akbaruddin told : “The new post will increase engagement between the MEA and State governments to coordinate State delegations visiting abroad, passport issues and political clearances, as well as to set up a database of State-level tie-ups and work on sister cities.”
With more foreign dignitaries expressing their desire to visit cities other than Delhi, the special section will also coordinate visits to Tier Two cities. However, the new division will not deal with policy disagreements of the kind seen between the Centre and Tamil Nadu over Sri Lanka and with West Bengal over the Teesta accord with Bangladesh.
Sources said the move had followed several complaints from other countries on the lack of coordination between State governments and the Centre.
In one such case in August, the Japan Chamber of Commerce and Industry in India had written to the government, seeking “urgent intervention” to help iron out differences in commitments by the Centre that were not implemented by the States on major projects such as the Chennai-Bangalore Industrial Corridor and the Delhi-Mumbai Industrial corridor, for which Japan had committed $100 billion in 2009.

India signs up for Asian Infrastructure Investment bank

China led 21 Asian nations, including India, in forming a multilateral financial front in the form of the Asian Infrastructure Investment Bank (AIIB), being seen as a challenger to the U.S.-backed Bretton Woods institutions.
India signed a memorandum of understanding, along with Pakistan, Sri Lanka, Bangladesh and Nepal and others, as the founding member of the AIIB.
Usha Titus, Joint Secretary, Economic Affairs division of the Finance Ministry, signed the MoU on India’s behalf. With an initial subscribed capital of $50 billion, the setting up of the Beijing-headquartered AIIB has been welcomed by the World Bank and the Asian Development Bank. However, the U.S. has expressed concerns over the bank’s “ambiguous nature” and lack of “transparency.”
Reacting to the criticism, Chinese Foreign Ministry spokesperson Hua Chunying said “during the whole process of the AIIB, China has maintained communication and coordination with Japan, the U.S. and Indonesia and other countries.” The 21-nation group comprises Bangladesh, Brunei, Cambodia, China, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, the Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam.

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:: International ::

Norway, the road to a sustainable economy

Oil discovery in the 1960s made the country one of the richest in the world with high wages and free education. In fact, it is still very much a part of the oil age with about 70 per cent of its exports being hydrocarbons.
But pegging the fortunes of a welfare state on the vagaries of the oil market is a high-risk proposition, and the question on everyone’s mind is ‘what do we do after the oil’? Sure, the country has a huge savings from oil money invested in the world markets, but what is a trillion dollar these days — an ageing population heavily dependent on pensions and social support means there is a constant drain on the assets.
The quest for an alternative economy has occupied the top business and political leadership of Norway for many years and one of the solutions that have been put in place is Innovation Norway, an organisation that acts as a trade council, a business incubator, angel investor and promoter rolled into one.
Formed in 2004, the state-owned company spearheads the government’s efforts to transition to a diversified economy that is stable and green. Not an easy task when the country is chest deep in an industry that produces the world’s worst pollutant.
Anita Krohn Traaseth, who took over as CEO of Innovation Norway in September, is quite aware of the challenge. “We as a people don’t feel enough pain yet because we still have a very healthy economy,” she told in Oslo recently. “And going through this transition — moving on from being a pure, vulnerable oil-and-gas economy to a sustainable, renewable or you can call it bio economy — when we don’t feel enough pain, is a challenge.”

:: Business & Economy ::

AIBEA flays delay in filling top positions in ten PSU banks

At least ten public sector banks have been functioning without full-time chairmen and managing directors and executive directors for the last three months.
While the interviews were conducted recently to fill these posts, orders have not been issued. This has caused anxiety in the banking circle, said All India Bank Employees’ Association, General Secretary C.H. Venkatachalam.
If the Prime Minister and Finance Minister were serious about achieving the target of reaching every section of the people through their recently-launched initiative such as Jan Dhan Yojana, then these posts had to be filled up immediately, he said in a letter to the Prime Minister Narendra Modi.
According to him, at least six public sector banks do not have chairmen and managing directors. These include United Bank of India, Canara Bank, Syndicate Bank, Bank of Baroda, Indian Overseas Bank and Oriental Bank of Commerce.
The post of second executive director has to be filled up in Allahabad Bank, Andhra Bank, UCO Bank and Union Bank of India (third position).
“Almost all these positions have remained vacant for three to five months, except Syndicate Bank chairman and managing director, S.K. Jain, who was suspended on August 2. What is the problem in filing these posts? A few more top posts are set to fall vacant by end-December and this will aggravate the situation,” Mr. Venkatachalam said

:: Sports ::

Pankaj Advani pots his 11th world crown in World billiards championship

Pankaj Advani, added yet another jewel to his glowing crown, outplaying former champion Peter Gilchrist in the 150 up points format World billiards championship final and pocket his 11th world title.
Advani, 29, conquered the Singaporean cueist Gilchrist 6-2 in a high quality final of the shorter format of billiards. Advani had lost 3-2 to Gilchrist in the league stage.
Gilchrist was off to a flying start in the final with a 145 unfinished that secured the first frame. Advani responded with a 127 in the second to even the score. Gilchrist surged ahead to 2-1 but that was the last frame he was to win in the final.
After the third frame, it was the Advani show. The next two frames saw the Indian score heavily with two unfinished breaks of 108 and 150 to go into the interval with a slender 3-2 lead.
On return from the mid-session break, Advani was in demolition mode and won the next 3 frames to lift his 11th world title.
Advani now is the holder of three different world titles in 2014 — the IBSF World 6-Red snooker title, the World Team billiards title and now the World billiards championship (point format).
“I’m on 11th heaven! I returned to India to focus on this very event and it has paid off. Gilchrist was the most dangerous competitor of the tournament and in a dream final I am happy with the way I performed,” said an elated Advani after the triumph.

:: Person in News ::

Google executive sets records with supersonic jump

A Google executive has broken the sound barrier and set several skydiving records over the southern New Mexico desert after taking a leap from the edge of space.
Alan Eustace’s supersonic jump early from a high-altitude, helium-filled balloon is part of a project by Paragon Space Development Corp. and its Stratospheric Explorer team. The goal is to develop a self-contained commercial spacesuit that would allow people to explore the stratosphere.
Mr. Eustace started his dive at 135,908 feet (41,424 m). He remained in freefall for about 4.5 minutes, hitting a top speed of 822 mph (1,320 kph).
Jim Hayhurst with the United States Parachute Association was the jump’s official observer. He said Mr. Eustace’s freefall was perfectly stable, and the team on the ground could hear the sonic boom.